Shares of global podcast company Audioboom (LON: BOOM) are rallying on Friday after the company released a trading update in which it said revenue will be “significantly” ahead of forecasts for the year.
The AIM-listed firm stated that strong sales momentum with signed advertising bookings for the year now represent more than 95% of the recently upwardly revised market forecast for revenue in 2021.
“In light of this continued strong trading and the prospects for the months ahead, the Board now expects that Audioboom will generate revenues significantly in excess of the current market expectations for the year and an increased adjusted EBITDA,” said Audioboom in a statement.
The company, which has podcasts such as True Crime Obsessed, Casefile True Crime and The Morning Toast on its platform, saw a high volume of new advertising bookings since Audioboom's Q3 2021 advertising inventory for its Top 25 shows was made available to customers at the beginning of April 2021.
They launched the Dark Air podcast on the 1st of April with advertiser demand for the show enabling more than 90% of its advertising inventory to be sold before the podcast premiered.
Audioboom remains the fourth largest podcast publisher in the US by weekly reach and saw advertising demand with an average fill rate of more than 85% across its Top 50 shows.
Following the revenue update, Audioboom’s share price jumped to 748p after the open in London. It is currently priced at 696p, up 5.31%.
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